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They will milk you as long as they can for free. Why wouldn't they? You're already doing the work. I would look now.
Not to be a downer but you will never come close to getting a 55% increase. You’ll be lucky to get 10%. Internal promotions are never that high. Wish you luck either way
I’d start looking now if boss hasn’t laid out an actionable path forward or told you what you can actually expect and a timeline.
Coach
check with your boss when is the budget cycle in your company
usually all changes are done after yearly evaluation (but agreed before)
When do promotions normally occur in your organization? You may need to wait until then for budgetary reasons.
I would follow up again with a 1-1 and try to pin down actual timelines. If you get the sense they punt and can't commit, start looking elsewhere. Then, when you resign, they shouldn't be confused as to why.
At best you might get a 10-15% raise to align with duties, but the 55% increase will likely not happen for HR documentation purposes - even rightsizing they can't justify that in most places or get it approved.